China-linked consumer brand DayDayCook plans to acquire 5,000 Bitcoin

1 month ago

Mainland China, 1 of the world’s astir restrictive countries to cryptocurrency, whitethorn beryllium inching person to crypto adoption arsenic a locally-operating marque has announced a Bitcoin reserve strategy.

DDC Enterprise, besides known arsenic DayDayCook, a US user marque with Hong Kong roots and operations successful mainland China, is adopting a Bitcoin (BTC) reserve strategy, its CEO Norma Chu announced successful a shareholder missive connected May 15.

As portion of the strategy, DDC has instantly acquired 100 BTC for astir $10.4 cardinal and plans to accumulate 5,000 BTC successful the adjacent 36 months, with 500 BTC targeted by the extremity of 2025.

Chu’s Bitcoin reserve announcement came aft the steadfast posted a 33% gross summation successful 2024, with full gross amounting to 273.3 cardinal Chinese yuan ($37.4 million), according to its Form 20-F filing with the US Securities and Exchange Commission (SEC) connected May 15.

DDC’s Bitcoin plans missing successful SEC records

Despite the nationalist announcement, DDC’s latest SEC filings bash not explicitly notation the company’s Bitcoin holdings oregon a Bitcoin reserve strategy.

“We are embarking connected a pioneering inaugural to presumption DDC astatine the forefront of integer plus innovation with laser-focused execution connected Bitcoin accumulation,” the DDC CEO said successful the shareholder letter.

Chu antecedently announced DDC’s intentions to follow a Bitcoin reserve strategy successful different missive connected March 18.

Although DDC’s yearly study does not notation Bitcoin reserve plans, the SEC filing does supply a fewer hints to the company’s intended adoption of BTC arsenic a caller plus class.

“The institution [DDC] is evaluating strategies to get the required further backing for aboriginal operations,” the study reads, adding:

“The Company plans to diversify gross streams and instrumentality cost-saving measures to turn revenues and alteration expenses. However, the institution whitethorn beryllium incapable to entree further equity oregon indebtedness financing erstwhile needed.”

Additionally, the filing refers to crypto disclosure guidelines acceptable by the accounting standards update by the Financial Accounting Standards Board (FASB) issued successful precocious 2023.

“In December 2023, the FASB issued ASU 2023-08, “Intangibles, Goodwill and Other-Crypto Assets (Subtopic 350-60). Accounting for and Disclosure of Crypto Assets,” the filing notes, adding that firms are allowed to commencement utilizing the caller rules aboriginal if their fiscal reports haven’t been published yet.

China’s evolving stance connected crypto

DDC’s filing says that the steadfast partially operates successful mainland China and Hong Kong, which puts its fiscal conditions and maturation nether the power of section political, economical and societal developments.

As of May 2025, mainland China has maintained a restrictive docket connected cryptocurrency trading and mining since section regulators announced a large prohibition connected crypto transactions successful 2021.

However, galore online reports speculated that China whitethorn assistance its crypto prohibition amid increasing adoption successful Hong Kong, arsenic good arsenic the ongoing planetary displacement to crypto fueled by the crypto-friendly attack by the US administration nether President Donald Trump.

On the different hand, immoderate analysts have questioned mainland China’s plans to “unban Bitcoin” contempt the information that it has somehow remained a large planetary subordinate successful Bitcoin mining after the prohibition was enacted.

Cointelegraph approached DDC for remark regarding its Bitcoin reserve plans but did not person a effect by the clip of publication.

Magazine: How Chinese traders and miners get astir China’s crypto ban

View source